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N+1 holds €100m first close on latest fund

The Spanish firm, which merged with rival Mercapital earlier this year, is aiming to collect €150m for investments in mid-market public equities.

Madrid-based N+1 has reached a first close on its latest vehicle, QMC II Iberian Capital, on €100 million. 

The fund, which has a target of €150 million, will seek to take significant minority holdings in Spanish listed companies. It also may invest in Portuguese stocks, and will target businesses with a market capitalisation of less than €1 billion. 

QMC II’s LP base so far comprises 21 family offices and institutional investors, 55 percent of which are international. The fund, managed by a dedicated team separate from the firm's other investment activities, will seek to acquire interests in five to seven companies. 

Its predecessor, currently in realisation mode, has so far generated a €58 million aggregate gain through disposals worth a total of €150 million. 

The news comes a few months after N+1 merged with former rival buyout firm Mercapital, in a move that created Spain’s largest private equity firm, according to both managers. The new entity, christened N+1 Mercapital, manages assets worth a combined €1.7 billion. It is expected to hit the fundraising trail with a target of €1 billion in the coming years.  

The two firms have together invested in 107 companies since inception, representing a total amount of €2.4 billion. They presently manage a combined portfolio of 23 companies with aggregate revenues of €3.8 billion. 

QMC II will add to N+1’s exiting range of vehicles, which include private equity and real estate funds. The firm also provides investment banking and advisory services to clients based in Europe’s largest markets. 

Its most recent buyout fund, a 2008 vintage, reached its close on €304 million, while Mercapital's latest vehicle held its final closing in 2006 on €550 million.